Iron and steel is the firm rock in midstream of national economy and the lifeblood that industry produces, it is the important sign that measures national economy standard and comprehensive national power. Our country steely crop resides the world firmly more than 10 years continuously the first, steely industry refines the respect such as management to obtain great progress in technical innovation, essence. Nevertheless, industry development is by no means a level road, long-term " cruel grow " create excess supply, product structure is unreasonable, raw material and product value wave motion are frequent, " price scissors " effect is highlighted, influence industry stabilizes development. Experienced since 2010 rise to fall greatly greatly, the company of steely industry chain in commercializing tide is known gradually, improvement is managed, stability is managed, aid promote development, be about to run good market risk, be about to rely on finance to derive the help that tastes a tool.
Come for years, our country black fastens option market swift and violent development, the cooking coal that breed covered raw material to carry, coke, iron ore, ferrosilicon and the whorl steel that the product carries, hot-rolling coils board, the management of entire chain risk that serves Yu Congsheng to produce a sale and price commerce. Wait for the industrial chain company that is a delegate to arrive to treat futures tool as now from initial futures exploration with river steel group, Xu Yang group the edge tool that the enterprise manages, innovation develops tie yield be in harmony, came true from raise risk government ability to arrive increase a business the leap of integrated competition ability.
Commercialize bring industry revulsion enterprise to be faced with " happy trouble "
Market economy grows and downstream demand offerred unprecedented opportunity for steely industry development, our country steely crop maintains rapid growth. Wind data shows, came 1990 2000, 10 years a crop of our country rolled steel year all increase rate exceeds 20% ; Still carried the growth state of 5% above basically later 2000. 2017, crop of countrywide crude steel is eight hundred and thirty-one million seven hundred and thirty thousand tons, grow 5.7% compared to the same period; Rolled steel crop is one billion and forty-eight million one hundred and eighty thousand tons, grow 0.8% compared to the same period.
Meanwhile, the industry is spent centrally, change degree to rise subtly, reform in sex of supply side structure especially, clear of ground bar iron current, pace of discard of market superior bad is quickened. Public data shows, in last few years before crop of countrywide crude steel 10 old steel mill occupy the 40% above of total output of countrywide crude steel, a batch of management are changed subtly, product innovation is changed, the steel look forward to with competitive clear advantage is active in domestic and international market.
Although development impetus is swift and violent, steely enterprise still is facing the trouble with fluctuant price however. "Steely raw material and market of rolled steel finished product suffer economic environment the impact is bigger, the price often fluctuates considerably, to manufacturing classics battalion creates very big risk. Before doing not have financial tool, downstream enterprise can undertake n of merchandise on hand manage only on, to the risk the canal controls capacity poorer, drop in price perch especially, when fluctuating considerably, often be at a loss what to do. " chief of department of futures of river steel international says.
Specific go up in rolled steel price, suffer the consumptive demand change such as capital construction, estate, car and environmental protection to be restricted to produce the effect of policy, steel price is fluctuant and frequent. In raw material respect, produce main raw material as iron and steel, iron ore relies on foreign entrance for a long time, its price the influence that more getting that foreign mine production and international market environment change, fluctuant particularly acuteness and appear " go up quickly to drop slow " go situation.
Current, commerce of international iron ore fixes a price for dominant with index of general family name. It is before 2013, when iron and steel rises in price, price of fast Yu Gang of index of family name of iron ore general rises, its go up opposite also bigger. Conversely, index of general family name falls relative to steel price small, drop fast logy. This makes steel look forward to gets purchase and sale fully " price scissors " worry, the enterprise manages a risk to increase. Accordingly, the company appears on the market to yearn for particularly to the raw material futures such as iron ore.
Play avoids tool of danger function futures " provide timely help "
How to run risk of wave motion of market price case, black fastened option market to give out the answer. 2009, 2014, whorl steel, hot-rolling coils board futures appears on the market; 2011, 2013, coke, cooking coal and iron ore futures appear on the market early or late, it is the tool that provides a lock to decide raw material cost to steel look forward to more.
As we have learned, river steel group imports iron ore every year to exceed 50 million tons, entrance iron ore is occupied mediumly in raw material than exceeding 60% , get the price fluctuant impact is bigger. For this, river steel group established futures department formally 2010, try water to cover period the business that keep a cost. 2014, river steel international holds water and take-over futures department, in the breed such as iron ore is being participated in to trade gradually later, fumble gave interior of a group to plan as a whole wind of management, concentration is opposite nearly strong period combine administrative pattern now.
"Came 2014 2015, steely industry enters periodic trough, we are in meantime to be adjusted ceaselessly on option market and be explored, use futures tool to be opposite greatly risk of strong market be issued to lower levels. In experienced an industry ' cold winter ' hind, price of get warm again after a cold spell of downstream first quarter 2016 market, steel picks up, iron ore price also rises subsequently. River steel international is analysed after classics survey, this round of iron ore has risen in price fast, lack supply and demand main area is propped up. For this, the company is decisive undertake covering protecting to iron ore inventory. April the last ten-day of a month, callback of iron ore spot price, because be adopted before this,cover defend measure, avoided inventory to cheapen risk. " chief of department of futures of river steel international says.
Outside dividing steelworks, to option market " provide timely help " experience quite deep still have cooking company. Occupy company of our country's biggest civilian battalion cooking -- Wang Fengshan of vice president of Xu Yang group introduces, after 2011, value of product of black industry catenary appears to drop continuously situation, cooking industry and fluctuation swim to all be in hardship go producing can level, the enterprise is faced with financing pressure of difficult, environmental protection is increased wait for a problem, industry development faces major challenge. Be thenceforth rises, xu Yang group applies futures to assist an enterprise to overshoot first difficulty.
"With 2011 the winter of cooking enterprise store prices is exemple, in those days price of black department variety lasts be issued to lower levels, have a winter by the convention store cooking enterprise faces enormous pressure, winter store the 2nd year beginning of spring became coal ' sweet potato of very hot hand ' , it is very difficult to rely on traditional management pattern hold together. How to accomplish already goods in stock is avoided again drop risk, became the problem that solves urgently. " Wang Fengshan expresses, the raw material that futures tool introduces to be entered to buying when those undertakes selling going out covering protecting, in avoid the price drops risk while also made sure normal second year go into operation is produced.
From this " dying recieves orders " hind, xu Yang group begins real ground to contact the management production of futures and enterprise together cheek by jowl. Wang Fengshan expresses, subordinate of requirement of Xu Yang group all sectional middle-level cadres that involve sale should know each business set keep business, the stuff that does not know futures is faced with in the company fall into disuse, see leader layer takes seriously quite to futures from this. He says: "After knowing futures, meeting to use futures when departmental door, everybody is communicated in business in a lot of smoother. Everybody is communicated in business in a lot of smoother..
In option market benefit is company of anxious production of iron and steel, coal not only, trafficker felt the tremendous change that option market brings for the industry as much. Because in purchase and sale two end face price risk, trafficker is intense all the more to using the requirement of venture of option market management.
"One year volume of iron ore trade makes an appointment with Jiaji 35 million tons, give priority to with futures of Chinese iron ore do set protect, enclothe total trade volume basically. " Lasidu says · of Paul of controller of business of iron ore of whole world of fine auspicious company, tool of futures of fine auspicious have the aid of realized transition after 2013, from do a few Indian mine commerce formerly to begin mainstream mine sea to bleach long-dated commerce and commerce of haven merchandise on hand in great quantities to nowadays only, fine auspicious participates in this profit from earlier option market.
Offer price signal to change trade trade pattern
Commerce of Chinese iron ore relied on year basically before 2008 lasting agreement price, purchase from mine. Commerce of merchandise on hand is not active, trafficker produces very little effect only, also did not derive taste tool protection, back of the or after taking merchandise on hand sells immediately to the back, the market value such as or rises rise sell.
After 2008, stocks of Chinese haven iron ore rises, commerce of haven merchandise on hand begins active. Right now, early participates in the Jiaji of option market to begin to enlarge commerce limits. After 2013, futures of iron ore of big business place is rolled out, the commerce of haven merchandise on hand that the RMB fixes a price develops further, the sea bleachs long-dated commerce and commerce of haven merchandise on hand to supplement each other, use iron ore futures to offer more for the client custom-built the risk solution that change and commerce price are referenced.
"After futures of Chinese iron ore appeared on the market 2013, structure of iron ore market produces very big change, commerce of merchandise on hand is more mature and active, market size is larger and larger. Increasing resemble fine auspicious such trafficker, from do the sea formerly to bleach goods and import trade only transition makes the trade inside haven now, also have more and more steel mill from buy an entrance formerly to grow only assist the sea bleachs goods, buy more and more haven merchandise on hand to now. " Lasidu says Paul · .
It is reported, resource of haven iron ore slants previously close, the company grows to stabilize production for a long time to must be purchased assist mine. However after 2008, in blast furnace large change the trend that reachs steelworks to be changed littoral to fall, our country steely company is right of iron ore merchandise on hand purchase a quantity to increase ceaselessly. Steelworks of a few civilian battalion 70% to the iron ore of 80% it is in haven agile ground purchases merchandise on hand.
The change of trade pattern, make domestic and international market is being explored ceaselessly more reasonable, effective commercialize commerce and price mechanism. As we have learned, pattern of price of international iron ore was experienced from along with collect along with bought immediate price, year the negotiation fixes a price the index of merchandise on hand of dominant fixes a price nowadays. As the ceaseless promotion of consequence of price of futures of our country iron ore, futures price already became home and even the important basis that foreign enterprise reference fixes a price, add litre of agio with futures price base poor trade pattern is popularized inside the industry.
Chief of department of futures of river steel international introduces to futures daily reporter, relatively at traditional trade pattern, base the futures price that uses in poor trade is mixed fairlier, honestly, publicly transparent. Use futures price to regard as fiducial, at the same time union is in to commodity the consideration of producing area and quality respect adjusts litre of agio, very good the price mechanism that used the market, make buyers and sellers has equal place. "River steel group needs every year to protect for iron ore many tons 5000, base the promotion of poor trade is protected to steelworks for for very necessary. River steel international is passed base executive merchandise on hand of more convenience, agile ground purchases poor trade plan. In the meantime, also can use right period show what market radical differs to be sentenced beforehand, reduce effectively purchase cost. " chief of department of futures of river steel international puts forward.
It is reported, river steel international and fine auspicious company signed 2 million tons of iron ore this year base the overall framework agreement of poor trade, came to began 600 thousand tons of trade first in December in July, this is home at present the biggest iron ore base poor trade.
"The result that we cooperate with river steel international is very good, echo was caused inside the industry, much home is state-owned discussing with us with civilian battalion steelworks base the cooperative space of poor trade. More and more steelworks and trafficker regard commerce as price basis with iron ore futures now, base the one big climate that needs commerce to will make trade trade. " Shen Haiping of controller of commerce of haven of iron ore of fine auspicious company thinks, steely industry is popularized base poor trade can be reduced long assist, the sea bleachs goods to purchase scale, the sea that avoid causes as a result of exchange rate change and price wave motion bleachs goods and case of haven commodity price to be hanged, reduce purchase cost. In the meantime, base poor trade iron ore implicit value risk is decomposed for base poor risk, transfer spot market risk to option market. state-owned to the part steelworks, base poor trade still can simplify purchase flow, make purchase bargain process open and transparent, leave out conventional device bids wait for business segment.
"A typical case happened last year in December, company of iron and steel of Tang Shanrui abundant plans to purchase 170 thousand tons sea to bleach mine. Price of index of family name of iron ore general is higher at that time, predict in January price fall after a rise, if purchase the sea to bleach mine with valuation of index of general family name, because the price drops,will be faced with to harbor hind in January brought money is worth a loss. " Shen Haiping says. For this, steelworks hopes to purchase haven merchandise on hand with RMB valuation. After clear client demand, both sides began collaboration: Fine auspicious with index of general family name fixed a price in December, from Tang Shanrui abundant iron and steel is bought 170 thousand tons sea bleached outfit period in December PB pink. The entrance that finish is connected after closing, fine auspicious is passed with the form of haven merchandise on hand again base poor trade sells afresh return lucky abundant iron and steel, the time that select price is delayed to in January, help lucky abundant iron and steel thereby outside iron ore of translate into of Pan Feng danger base poor risk, at the same time also avoid risk of exchange rate wave motion.
To cooking enterprise, wang Fengshan says, when coke rose in price 2016, individual steelworks may be less than coke because of purchasing and affect production, base poor trade can help an enterprise solve on certain level protect for the problem. He says: "On one hand, base poor trade is change of implicit price price relative value to fix a price, changed former ' a price ' trade pattern, the price that satisfied both sides to differ anticipates and the market understands; On the other hand, base poor trade conduces to manufacturing company stability supplying. For example, rise in price in the process often supply of goods is nervous, satisfy normal production and additional stock hard, can pass at this moment base poor trade assures to supply first, price hind is decided. Price hind is decided..
Agreement regulation optimizes internationalization continuously period city sets sail
The premise that option market function develops is the effective of agreement regulation. It is with iron ore exemple, the complete a business transaction of contract of iron ore futures is fiducial taste the merchandise on hand of haven iron ore that is located in 62% grade surely, those who represented main trend of trade of merchandise on hand is tall taste mine, of futures price representative as better as stability. Futures of our country iron ore is the whole world uses the futures of objective complete a business transaction exclusively to derive article, system of objective complete a business transaction was promoted period of spot market join effectively. Since appearing on the market 2013, the course is old move smoothly, iron ore futures already became the whole world to clinch a deal the iron ore with the largest scale that maintain a warehouse is derived taste the market, before 2018 unilateral clinched a deal in October quantity, day all maintains a warehouse the quantity is 207 million hand, eight hundred and sixty-five thousand six hundred hand respectively.
Sufficient liquidity is protected to cover offerred advantage, much property client and investor participate in iron ore futures to trade. Client of legal person of before 2018 10 months maintains a warehouse the quantity is occupied than 40.30% , relatively last year tower above of the corresponding period about 3 percent. "Industrial client trades in iron ore futures Sino-Japanese beneficial holds dominant position, system clinchs a deal in legal person client now, hold a storehouse to occupy than growing, agreement moves smoother, truer reflected merchandise on hand main area, be helpful for industrial client having risk government more effectively, attract more industries to the client trades directly or be passed then base the means such as poor trade is participated in secondhand come in, form benign loop. " Shen Haiping says.
Develop futures function to last, big business place advances agreement of coal anxious mine to be optimized regularly continuously with innovation. Be in early when cooking coal futures appeared on the market 2013, big business place made innovation on design of standard of quality of complete a business transaction, roll out index of experiment of small anxious furnace, this is the standard of quality of complete a business transaction that on history of our country futures first define raw material quality index through judging manufactured goods quality, reflected the concept that with the enterprise actual application is jumping-off place. 2015, factory library was carried out after big business is in coke futures to appear on the market 4 years system of outspread complete a business transaction, butt joint of convenience enterprise complete a business transaction.
2017, 2018, big business place rolled out standard of new quality of complete a business transaction in breed of iron ore, cooking coal early or late, change in order to accord with spot market, raise futures price to merchandise on hand representative with stability. "In July 2018, big business place is mixed to the relevant index of standard items of complete a business transaction of cooking coal futures and substitute rise agio to undertake adjustment. The standard items of complete a business transaction after adjusting more incline to at low sulfur advocate cooking coal, complete a business transaction tastes a standard more joint market is real. Will for a long time look, new standard can promote an enterprise to be at ease share option market, delivery and the convenience sex that receive money also rise considerably. " Wang Baiqiu of vise general manager of chemical industry of Beijing Xu Yanghong estate says.
Not only such, place of big 2017 business still rolled out sheet of iron ore storehouse to serve business system and futures to make town business system, devote oneself to to settle contract the issue with not active agreement of discontinuous, close month. Introduce according to relevant market personage, steelworks sea bleachs goods from purchase the cycle that receives money to be about 1.5 to 2 months, the cycle of merchandise on hand of trafficker sale iron ore also needs commonly 0.5 to 1.5 months. With 1, the close month agreement of 3 months will cover period protect watch to accord with steelworks, trafficker to appeal to beg.
Notable is, iron ore is not brunt agreement fluidity to change apparently this year, afore-mentioned measure are shown at the beginning of effect. Exchange data shows, up to on November 12, iron ore 1807 clinch a deal with 1811 agreement unilateral the quantity is mixed for three million four hundred and nineteen thousand five hundred hand respectively six million two hundred and seventy-eight thousand two hundred hand, relatively 1707 have remarkable growth with 1711 agreement. "Close month agreement more draw near month of complete a business transaction, can reflect the condition of merchandise on hand. Perfect further as contract of iron ore futures, industrial client is participated in degree rise, the quantity maintaining a warehouse of agreement of close this year month and clinch a deal the quantity also is in apparent promotion, more the risk management need that agrees with industrial client. " Shen Haiping says.
Driving agreement to be mixed continuously optimize while, development of option market internationalization also obtained milepost breakthrough this year. On May 4, iron - ore futures is carried out bring business of the negotiant outside entering a country, become what home opens to the outside world first times to already appeared on the market futures breed. Participate in ceaselessly as client of the industry outside the condition and investor come in, iron ore futures promotes stage by stage in global market force, be dominant with iron ore futures to be popularized inside global limits base poor trade and avoid danger means created a condition.
"Fine auspicious overseas has a lot of steelworks and mine client, futures internationalization will conduce to iron ore the client outside the condition understands and sharing Chinese option market, be helpful for Jiajitong crossing iron ore futures to offer risk solution for the client. " Lasidu expresses Paul · .
Look into the development that venture of estate of black of prospective whole world runs, paul · Lasidu thinks, business of major international mine, trade very futures of greeting China iron ore opens to the outside world, also will share the iron ore option market after opening stage by stage. Futures of Chinese iron ore opens to the outside world will offer the price pattern with new international trade, form have representative futures price more, direct trade fixes a price, serve global commerce better then.